Security Bank gets BB+ rating

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SCREENGRAB from www.securitybank.com

MANILA, Philippines–Global credit watchdog Standard & Poor’s has assigned a credit grade of BB+, or a notch below investment grade to Security Bank.

In a statement on Tuesday, S&P said it based its rating on Security Bank on the company’s “adequate” business position, “adequate” capital and earnings, “strong” risk position, “average” funding and “adequate” liquidity based on how its criteria defined those terms.

The rating outlook is stable while the stand-alone credit profile was likewise assigned a ’BB+’.

S&P said its ’BB’ anchor for Security Bank drew on its Banking Industry Country Risk Assessment (Bicra) methodology and its view of the economic and industry risks in the countries where the bank was operating. The criteria use the Bicra economic risk and industry risk scores to determine a bank’s anchor, the starting point in assigning an issuer credit rating.

The anchor for a bank operating only in the Philippines is ‘BB’.–Doris C. Dumlao

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